WASHINGTON, D.C. – Congressman Andy Barr (R-KY) re-introduced the Race Horse Cost Recovery Act (H.R. 4786), legislation that would make the three-year depreciation schedule permanent for race horses, regardless of their age when put into service. This reform is needed as it confronts the unique realities those in the horse racing industry face and better reflects the useful life of the race horse. Rep. Barr’s legislation is endorsed by the National Thoroughbred Racing Association, the Kentucky Thoroughbred Association and the American Horse Council.
“As the co-chair of the Congressional Horse Caucus, I consistently fight for legislation that encourages growth and investment in the equine industry,” said Congressman Barr. "Kentucky’s signature horse industry is not only essential to the history and culture of the Commonwealth, but also to our economy. It is vital that we pass this legislation to put investing in our equine athletes on a level playing field with other investments."
“We thank Congressman Barr for filing legislation today that would make three-year depreciation available to all race horse owners,” said Alex Waldrop, CEO of the NTRA. “This is a much-needed option because it ensures that the tax code will continue to allow businesses in the horse racing industry the flexibility to make decisions about their capital assets in a manner that is consistent with the true economics of their business. This is precisely what the tax code strives for with respect to assets used in other types of businesses."
The text of the Race Horse Cost Recovery Act of 2019 can be found here.